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joining us is the former budget director for the obama administration. vice chairman of global bang banking at citigroup, a veteran of these negotiations. thank you for being here on a friday night. >> good to be with you. >> peter, you have been in a lot of these negotiations. you've been in there, seen how they go. what is your take right now? >> i think as you pointed out, it's still early. it's december 7th. both sides would be complaining if there were actually an agreement in place right now. but you can see the pieces coming together, as you laid out, on the fiscal cliff. some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not at all clear that the republicans will agree to including a debt limit increase in that kind of package. if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the obama administration, the white house has been very clear, they will not s
joining us is the former budget director for the obama administration. vice chairman of global bang banking at citigroup, a veteran of these negotiations. thank you for being here on a friday night. >> good to be with you. >> peter, you have been in a lot of these negotiations. you've been in there, seen how they go. what is your take right now? >> i think as you pointed out, it's still early. it's december 7th. both sides would be complaining if there were actually an...
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administration. this is changing the color here is when president obama took over in january of '09. who is responsible for this turn around? >> the president and it would be a better turn around if the republicans had allowed a bigger stimulus. we'd have many more jobs. >> you'd make the case we didn't spend enough on the economy? >> we wasted 40% of that on tax cuts for small business, which is inherently savings and not stimulus. it was a real policy mistake. is this historic? >> we're going in the right direction. we're not creating as many jobs as we need for the population growth, but it's astonishing we're recovering the way we are and if the republicans would stop creating the uncertainty, remember the uncertainty by not making a deal, we'd see the numbers improving very dramatically. let me ask in terms of the stability. these are numbers. does it look historic? it doesn't. but when we were down here, we were on the verge of tipping over. our whole economic situation, our financial situation
administration. this is changing the color here is when president obama took over in january of '09. who is responsible for this turn around? >> the president and it would be a better turn around if the republicans had allowed a bigger stimulus. we'd have many more jobs. >> you'd make the case we didn't spend enough on the economy? >> we wasted 40% of that on tax cuts for small business, which is inherently savings and not stimulus. it was a real policy mistake. is this...
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this shows the overall unemployment rate under president obama's administration. which of the president's policies have helped the most in this? >> well, very crucial to this has been his decision to get congress to extend unemployment benefits, surprisingly. because people, when they have that money, are spending it back in the economy. remember, every 50th person you meet statistically only has food stamps today as income. and that's the result of these years of the republicans policies. so having unemployment and >> send thing unemployment benefits next year would be very important to continue to bring this number down and have businesses hire more people, because they have customers with money in their pockets to buy products and services. >> this is what could have happened if congress failed to pass the recovery act. the center on budget and policy priorities says that we've added almost $1 million more jobs because of the stimulus package. why are the republicans fighting stimulus spending now? why? is it they don't want to see president obama succeed or do
this shows the overall unemployment rate under president obama's administration. which of the president's policies have helped the most in this? >> well, very crucial to this has been his decision to get congress to extend unemployment benefits, surprisingly. because people, when they have that money, are spending it back in the economy. remember, every 50th person you meet statistically only has food stamps today as income. and that's the result of these years of the republicans...
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why do you think that we won't see the obama administration as being the first administration since the '80s to give up this pseudo war on drugs? >> you know, they have taken some stones war on drugs. the one thing obama did in 2010 is he lowered the disparity between crack cocaine and cocaine. his view is this is a prevention matter and they're working on that. for whatever reason, i'm not sure why. if you go on the white house website, they have a long page about how marijuana use is bad, bad, bad, hurts your health, et cetera in the same way you can say about smoking. but they are just not there yet. i'm not sure why. a lot of liberals like he is going to change his mind in the next four years. and i'm not certain of that. what you're seeing right now in colorado and washington tells you his mind is probably not changing on this issue. >> all right. brain trust, don't go anywhere. when we come back, apparently when he heard of jim demint's departure, your friend, joel sawyer, lindsey graham said he nearly fell off his couch. what the move means for the gop that is coming up a little
why do you think that we won't see the obama administration as being the first administration since the '80s to give up this pseudo war on drugs? >> you know, they have taken some stones war on drugs. the one thing obama did in 2010 is he lowered the disparity between crack cocaine and cocaine. his view is this is a prevention matter and they're working on that. for whatever reason, i'm not sure why. if you go on the white house website, they have a long page about how marijuana use is...
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after first supporting the defense of marriage act, the obama administration concluded last year that it violates the constitution. >> we cannot defend the federal government poking its nose into what states are doing and putting the thumb on the scale against same sex companies. >> reporter: house republicans are now taking up the law's legal defense. supporters say it helps preserve traditional marriage. >> unions of two men and two women are not the same thing as a marriage between a man and a woman. only marriage between a man and a woman can connect children to their mother and father and their parents to the children. >> reporter: the fact that the court has agreed to take up both cases, including the battle over proposition 8 from california, could mean that the justices are prepared to get to the constitutional heart of the same-sex marriage issue. that might result in what would essentially be the roe v. wade of gay rights. >> thanks for that. >>> back to you, molly. you were doing a big piece of this for "the atlantic" for next week. what did you find most interesting in you
after first supporting the defense of marriage act, the obama administration concluded last year that it violates the constitution. >> we cannot defend the federal government poking its nose into what states are doing and putting the thumb on the scale against same sex companies. >> reporter: house republicans are now taking up the law's legal defense. supporters say it helps preserve traditional marriage. >> unions of two men and two women are not the same thing as a marriage...